EARNINGS QUALITY, FIRM LIFE CYCLE, AND OWNERSHIP STRUCTURE: EVIDENCE FROM AN EMERGING MARKET
DOI:
https://doi.org/10.33736/ijbs.14456.2026Keywords:
Earnings quality, Firm life cycle, Inverted U-shape, Ownership structureAbstract
Using a sample of 351 non-financial firms listed on the Ho Chi Minh Stock Exchange from 2010 to 2023, this study investigates the impact of firm life cycle stages and ownership structure on the reliability and quality of reported earnings. Feasible generalized least squares regression analysis was employed to test the proposed relationships. An inverted U-shaped association was found between a firm’s life-cycle stage and earnings quality. Firms experience lower earnings quality in the introduction and decline stages due to lower profits, market fluctuation, and stakeholder pressure. In contrast, in the growth and maturity stages, firms witness earnings quality growth as a result of improved controlling and monitoring systems and higher revenue cash flows, which enhance the stability and reliability of profits. In terms of ownership structure, the empirical results indicated that state and foreign ownership positively and significantly influence earnings quality, whereas CEO ownership has no statistically significant impact. This study extends the existing earnings quality literature by providing empirical evidence on its key determinants in the Vietnamese market and offers practical implications for investors, policymakers, and financial managers seeking to mitigate earnings manipulation risks and improve investment decision-making.
References
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https://doi.org/10.24123/jati.v16i1.5258
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https://doi.org/10.1016/j.jaccpubpol.2014.12.003
Can, G. (2020). Do life-cycles affect financial reporting quality? Evidence from emerging market. Cogent Business & Management, 7(1), 1854147. https://doi.org/10.1080/23311975.2020.1854147
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Chen, T. (2016). Internal control, life cycle and earnings quality-An empirical analysis from Chinese market. Open Journal of Business and Management, 4(2), 301-311. https://doi.org/10.4236/ojbm.2016.42032
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Cheng, C. S. A., Wang, J., & Wei, S. X. (2015). State ownership and earnings management around initial public offerings: Evidence from China. Journal of International Accounting Research, 14(2), 89-116. https://doi.org/10.2308/jiar-51193
https://doi.org/10.2308/jiar-51193
Dang, H. N., Hoang, K., Vu, V. T., & Nguyen, L. Van. (2021). Do socially responsible firms always disclose high-quality earnings? Evidence from an emerging socialist economy. Asian Review of Accounting, 29(3), 291-306. https://doi.org/10.1108/ara-11-2020-0174
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Dang, H. N., Nguyen, T. T. C., & Tran, D. M. (2020). The impact of earnings quality on firm value: The case of Vietnam. The Journal of Asian Finance, Economics and Business, 7(3), 63-72. https://doi.org/10.13106/jafeb.2020.vol7.no3.63 Dang, H. N., Pham, C. D., Nguyen, T. X., & Nguyen, H. T. T. (2020). Effects of corporate governance and earning quality on listed Vietnamese firm value. Journal of Asian Finance, Economics and Business, 7(4), 71-80. https://doi.org/10.13106/jafeb.2020.vol7.no4.71
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Ding, Y., Zhang, H., & Zhang, J. (2007). Private vs state ownership and earnings management: Evidence from Chinese listed companies. Corporate Governance: An International Review, 15(2), 223-238. https://doi.org/10.1111/j.1467-8683.2007.00556.x
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Durana, P., Michalkova, L., Privara, A., Marousek, J., & Tumpach, M. (2021). Does the life cycle affect earnings management and bankruptcy? Oeconomia Copernicana, 12(2), 425-461. https://doi.org/10.24136/oc.2021.015
https://doi.org/10.24136/oc.2021.015
Etim, E. O., Umoffong, N. J., Inyang, A. B., & Umanah, N. (2023). Determinants of Earnings Quality of Listed Consumer Goods Firms in Nigeria. Asian Journal of Economics and Finance, 5(2), 231-248. https://DOI:10.47509/AJEF.2023.v05i02.08
Gaio, C., & Pinto, I. (2018). The role of state ownership on earnings quality: evidence across public and private European firms. Journal of Applied Accounting Research, 19(2), 312-332. https://doi.org/10.1108/JAAR-07-2016-0067
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Gu, X., An, Z., Chen, C., & Li, D. (2023). Do foreign institutional investors monitor opportunistic managerial behaviour? Evidence from real earnings management. Accounting & Finance, 63(1), 317-351. https://doi.org/10.1111/acfi.13015
https://doi.org/10.1111/acfi.13015
Guo, J., Huang, P., Zhang, Y., & Zhou, N. (2015). Foreign ownership and real earnings management: Evidence from Japan. Journal of International Accounting Research, 14(2), 185-213. https://doi.org/10.2308/jiar-51274
https://doi.org/10.2308/jiar-51274
Han, M., Ding, A., & Zhang, H. (2022). Foreign ownership and earnings management. International Review of Economics & Finance, 80, 114-133. https://doi.org/10.1016/j.iref.2022.02.074
https://doi.org/10.1016/j.iref.2022.02.074
Hieu, P. M., & Do Quyen, N. (2021). Earnings quality measurements and determinants: the case of listed firms in Vietnam. Journal of International Economics and Management, 21(3), 22-46. https://doi.org/10.38203/jiem.021.3.0034
https://doi.org/10.38203/jiem.021.3.0034
Hussain, A., Akbar, M., Kaleem Khan, M., Akbar, A., Panait, M., & Catalin Voica, M. (2020). When does earnings management matter? Evidence across the corporate life cycle for non-financial Chinese listed companies. Journal of Risk and Financial Management, 13(12), 313.https://doi.org/10.3390/jrfm13120313
https://doi.org/10.3390/jrfm13120313
Jaggi, B., Allini, A., Casciello, R., & Meucci, F. (2022). Firm life cycle stages and earnings management. Review of Quantitative Finance and Accounting, 59(3), 1019-1049. https://doi.org/10.1007/s11156-022-01069-5
https://doi.org/10.1007/s11156-022-01069-5
Khuong, N. V., Anh, L. H. T., & Van, N. T. H. (2022). Firm life cycle and earnings management: The moderating role of state ownership. Cogent Economics & Finance, 10(1), 2085260. https://doi.org/10.1002/bsd2.205
https://doi.org/10.1002/bsd2.205
Krishnan, G. V, Myllymäki, E., & Nagar, N. (2021). Does financial reporting quality vary across firm life cycle? Journal of Business Finance & Accounting, 48(5-6), 954-987. https://doi.org/10.1111/jbfa.12508
https://doi.org/10.1111/jbfa.12508
Kurnia, A., & Daito, A. (2022). Determinants of earnings quality with the company's life cycle, and related party transactions and the implications on firm value. Dinasti International Journal of Economics, Finance & Accounting, 3(3), 253-261. https://doi.org/10.38035/dijefa.v3i3.1353
https://doi.org/10.38035/dijefa.v3i3.1353
Le, B., & Moore, P. H. (2023). The impact of audit quality on earnings management and cost of equity capital: evidence from a developing market. Journal of Financial Reporting and Accounting, 21(3), 695-728. https://doi.org/10.1108/jfra-09-2021-0284
https://doi.org/10.1108/JFRA-09-2021-0284
Le, Q. L., & Nguyen, H. A. (2023). The impact of board characteristics and ownership structure on earnings management: Evidence from a frontier market. Cogent Business & Management, 10(1), 2159748. https://doi.org/10.1080/23311975.2022.2159748
https://doi.org/10.1080/23311975.2022.2159748
Liu, X., Saidi, R., & Bazaz, M. (2014). Institutional incentives and earnings quality: The influence of government ownership in China. Journal of Contemporary Accounting & Economics, 10(3), 248-261. https://doi.org/10.1016/j.jcae.2014.10.003
https://doi.org/10.1016/j.jcae.2014.10.003
Lobo, G. J., & Zhou, J. (2006). Did conservatism in financial reporting increase after the Sarbanes‐Oxley Act? Initial evidence. Accounting Horizons, 20(1), 57-73. https://doi.org/10.2308/acch.2006.20.1.57
https://doi.org/10.2308/acch.2006.20.1.57
Meckling, W. H., & Jensen, M. C. (1976). Theory of the Firm. Managerial Behavior, Agency Costs and Ownership Structure. https://doi.org/10.1007/978-94-009-9257-3_8
https://doi.org/10.1007/978-94-009-9257-3_8
Michalkova, L. (2021). Earnings quality and accruals over company' s life cycle. SHS Web of Conferences, 92, 02043. https://doi.org/10.1051/shsconf/20219202043
https://doi.org/10.1051/shsconf/20219202043
Miller, D., & Friesen, P. H. (1984). A longitudinal study of the corporate life cycle. Management Science, 30(10), 1161-1183. https://doi.org/10.1287/mnsc.30.10.1161
https://doi.org/10.1287/mnsc.30.10.1161
Moshtagh, F., Abbaszadeh, M. R., Nowghabi, M. H. V., & Nowghabi, M. J. (2014). An Investigation of the Effect of Firm's Life Cycle Stages on Earning Quality: Evidence from Iran. Asian Journal of Research in Banking and Finance, 4(8), 109-122.
Ngo, N.-Q.-N., Ly, U.-N., Truong, Q.-M., & Ha, M.-T. (2022). The impact of firm life cycle on abnormal earnings in financial statement quality: evidence from Vietnam. Journal for Global Business Advancement, 15(6), 686-713. https://doi.org/10.1504/jgba.2023.10057601
https://doi.org/10.1504/JGBA.2023.10057601
Nguyen, H. A., Lien Le, Q., & Anh Vu, T. K. (2021). Ownership structure and earnings management: Empirical evidence from Vietnam. Cogent Business & Management, 8(1), 1908006. https://doi.org/10.1080/23311975.2021.1908006
https://doi.org/10.1080/23311975.2021.1908006
Nguyen, Q., Kim, M. H., & Ali, S. (2024). Corporate governance and earnings management: Evidence from Vietnamese listed firms. International Review of Economics & Finance, 89, 775-801. https://doi.org/10.1016/j.iref.2023.07.084
https://doi.org/10.1016/j.iref.2023.07.084
Pujiati, D., & Nita, R. A. (2022). Determinant of Earnings Quality: IFRS Convergence, Accounting Disclosure and Audit Committee in Indonesia. International Journal of Finance & Banking Studies (2147-4486), 11(1), 177-189. https://doi.org/10.20525/ijfbs.v11i1.1520
https://doi.org/10.20525/ijfbs.v11i1.1520
Putra, A. M., Pagalung, G., & Habbe, A. H. (2018). Level of agency cost driven by cultural and corruption and earnings management: Evidence of South East Asia countries. Intangible Capital, 14(4), 499-517. https://doi.org/10.3926/ic.1289 Adizes, I. (1988). Corporate Lifecycles: how and why corporations grow and die and what to do about it./Adizes I. Englewood Cliffs, NJ: Prentice Hall. https://doi.org/10.1016/0024-6301(92)90356-7
https://doi.org/10.1016/0024-6301(92)90356-7
Al-Duais, S. D., Malek, M., Abdul Hamid, M. A., & Almasawa, A. M. (2022). Ownership structure and real earnings management: evidence from an emerging market. Journal of Accounting in Emerging Economies, 12(2), 380-404. https://doi.org/10.1108/jaee-01-2021-0008
https://doi.org/10.1108/JAEE-01-2021-0008
Ali, A., & Zhang, W. (2015). CEO tenure and earnings management. Journal of Accounting and Economics, 59(1), 60-79. . https://doi.org/10.1016/j.jacceco.2014.11.004
https://doi.org/10.1016/j.jacceco.2014.11.004
Anam, H. (2023). Determinants of earnings quality: An empirical study in Indonesia. Akuntansi Dan Teknologi Informasi, 16(1), 49-62. https://doi.org/10.24123/jati.v16i1.5258
https://doi.org/10.24123/jati.v16i1.5258
Ben-Nasr, H., Boubakri, N., & Cosset, J.-C. (2015). Earnings quality in privatized firms: The role of state and foreign owners. Journal of Accounting and Public Policy, 34(4), 392-416. https://doi.org/10.1016/j.jaccpubpol.2014.12.003
https://doi.org/10.1016/j.jaccpubpol.2014.12.003
Can, G. (2020). Do life-cycles affect financial reporting quality? Evidence from emerging market. Cogent Business & Management, 7(1), 1854147. https://doi.org/10.1080/23311975.2020.1854147
https://doi.org/10.1080/23311975.2020.1854147
Chen, T. (2016). Internal control, life cycle and earnings quality-An empirical analysis from Chinese market. Open Journal of Business and Management, 4(2), 301-311. https://doi.org/10.4236/ojbm.2016.42032
https://doi.org/10.4236/ojbm.2016.42032
Cheng, C. S. A., Wang, J., & Wei, S. X. (2015). State ownership and earnings management around initial public offerings: Evidence from China. Journal of International Accounting Research, 14(2), 89-116. https://doi.org/10.2308/jiar-51193
https://doi.org/10.2308/jiar-51193
Dang, H. N., Hoang, K., Vu, V. T., & Nguyen, L. Van. (2021). Do socially responsible firms always disclose high-quality earnings? Evidence from an emerging socialist economy. Asian Review of Accounting, 29(3), 291-306. https://doi.org/10.1108/ara-11-2020-0174
https://doi.org/10.1108/ARA-11-2020-0174
Dang, H. N., Nguyen, T. T. C., & Tran, D. M. (2020). The impact of earnings quality on firm value: The case of Vietnam. The Journal of Asian Finance, Economics and Business, 7(3), 63-72. https://doi.org/10.13106/jafeb.2020.vol7.no3.63
https://doi.org/10.13106/jafeb.2020.vol7.no3.63
Dang, H. N., Pham, C. D., Nguyen, T. X., & Nguyen, H. T. T. (2020). Effects of corporate governance and earning quality on listed Vietnamese firm value. Journal of Asian Finance, Economics and Business, 7(4), 71-80. https://doi.org/10.13106/jafeb.2020.vol7.no4.71
https://doi.org/10.13106/jafeb.2020.vol7.no4.71
Dechow, P. M., & Dichev, I. D. (2002). The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review, 77(s-1), 35-59. https://doi.org/10.2308/accr.2002.77.s-1.35
https://doi.org/10.2308/accr.2002.77.s-1.35
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting Earnings Management. The Accounting Review, 70(2), 193-225. http://www.jstor.org/stable/248303.
https://doi.org/10.2308/TAR-9505096112
Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6), 1969-1994. https://doi.org/10.2308/accr-10130
https://doi.org/10.2308/accr-10130
Ding, Y., Zhang, H., & Zhang, J. (2007). Private vs state ownership and earnings management: Evidence from Chinese listed companies. Corporate Governance: An International Review, 15(2), 223-238. https://doi.org/10.1111/j.1467-8683.2007.00556.x
https://doi.org/10.1111/j.1467-8683.2007.00556.x
Drake, K. D. (2016). Does firm life cycle inform the relation between book-tax differences and earnings persistence? SSRN. https://doi.org/10.2139/ssrn.2547778
https://doi.org/10.2139/ssrn.2547778
Durana, P., Michalkova, L., Privara, A., Marousek, J., & Tumpach, M. (2021). Does the life cycle affect earnings management and bankruptcy? Oeconomia Copernicana, 12(2), 425-461. https://doi.org/10.24136/oc.2021.015
https://doi.org/10.24136/oc.2021.015
Etim, E. O., Umoffong, N. J., Inyang, A. B., & Umanah, N. (2023). Determinants of Earnings Quality of Listed Consumer Goods Firms in Nigeria. Asian Journal of Economics and Finance, 5(2), 231-248. https://DOI:10.47509/AJEF.2023.v05i02.08
Gaio, C., & Pinto, I. (2018). The role of state ownership on earnings quality: evidence across public and private European firms. Journal of Applied Accounting Research, 19(2), 312-332. https://doi.org/10.1108/JAAR-07-2016-0067
https://doi.org/10.1108/JAAR-07-2016-0067
Greiner, L. E. (1998). Evolution and revolution as organizations grow. Harvard Business Review, 76(3), 55-64.
Gu, X., An, Z., Chen, C., & Li, D. (2023). Do foreign institutional investors monitor opportunistic managerial behaviour? Evidence from real earnings management. Accounting & Finance, 63(1), 317-351. https://doi.org/10.1111/acfi.13015
https://doi.org/10.1111/acfi.13015
Guo, J., Huang, P., Zhang, Y., & Zhou, N. (2015). Foreign ownership and real earnings management: Evidence from Japan. Journal of International Accounting Research, 14(2), 185-213. https://doi.org/10.2308/jiar-51274
https://doi.org/10.2308/jiar-51274
Han, M., Ding, A., & Zhang, H. (2022). Foreign ownership and earnings management. International Review of Economics & Finance, 80, 114-133. https://doi.org/10.1016/j.iref.2022.02.074
https://doi.org/10.1016/j.iref.2022.02.074
Hieu, P. M., & Do Quyen, N. (2021). Earnings quality measurements and determinants: the case of listed firms in Vietnam. Journal of International Economics and Management, 21(3), 22-46. https://doi.org/10.38203/jiem.021.3.0034
https://doi.org/10.38203/jiem.021.3.0034
Hussain, A., Akbar, M., Kaleem Khan, M., Akbar, A., Panait, M., & Catalin Voica, M. (2020). When does earnings management matter? Evidence across the corporate life cycle for non-financial Chinese listed companies. Journal of Risk and Financial Management, 13(12), 313.https://doi.org/10.3390/jrfm13120313
https://doi.org/10.3390/jrfm13120313
Jaggi, B., Allini, A., Casciello, R., & Meucci, F. (2022). Firm life cycle stages and earnings management. Review of Quantitative Finance and Accounting, 59(3), 1019-1049. https://doi.org/10.1007/s11156-022-01069-5
https://doi.org/10.1007/s11156-022-01069-5
Khuong, N. V., Anh, L. H. T., & Van, N. T. H. (2022). Firm life cycle and earnings management: The moderating role of state ownership. Cogent Economics & Finance, 10(1), 2085260. https://doi.org/10.1002/bsd2.205
https://doi.org/10.1002/bsd2.205
Krishnan, G. V, Myllymäki, E., & Nagar, N. (2021). Does financial reporting quality vary across firm life cycle? Journal of Business Finance & Accounting, 48(5-6), 954-987. https://doi.org/10.1111/jbfa.12508
https://doi.org/10.1111/jbfa.12508
Kurnia, A., & Daito, A. (2022). Determinants of earnings quality with the company's life cycle, and related party transactions and the implications on firm value. Dinasti International Journal of Economics, Finance & Accounting, 3(3), 253-261. https://doi.org/10.38035/dijefa.v3i3.1353
https://doi.org/10.38035/dijefa.v3i3.1353
Le, B., & Moore, P. H. (2023). The impact of audit quality on earnings management and cost of equity capital: evidence from a developing market. Journal of Financial Reporting and Accounting, 21(3), 695-728. https://doi.org/10.1108/jfra-09-2021-0284
https://doi.org/10.1108/JFRA-09-2021-0284
Le, Q. L., & Nguyen, H. A. (2023). The impact of board characteristics and ownership structure on earnings management: Evidence from a frontier market. Cogent Business & Management, 10(1), 2159748. https://doi.org/10.1080/23311975.2022.2159748
https://doi.org/10.1080/23311975.2022.2159748
Liu, X., Saidi, R., & Bazaz, M. (2014). Institutional incentives and earnings quality: The influence of government ownership in China. Journal of Contemporary Accounting & Economics, 10(3), 248-261. https://doi.org/10.1016/j.jcae.2014.10.003
https://doi.org/10.1016/j.jcae.2014.10.003
Lobo, G. J., & Zhou, J. (2006). Did conservatism in financial reporting increase after the Sarbanes‐Oxley Act? Initial evidence. Accounting Horizons, 20(1), 57-73. https://doi.org/10.2308/acch.2006.20.1.57
https://doi.org/10.2308/acch.2006.20.1.57
Meckling, W. H., & Jensen, M. C. (1976). Theory of the Firm. Managerial Behavior, Agency Costs and Ownership Structure. https://doi.org/10.1007/978-94-009-9257-3_8
https://doi.org/10.1007/978-94-009-9257-3_8
Michalkova, L. (2021). Earnings quality and accruals over company' s life cycle. SHS Web of Conferences, 92, 02043. https://doi.org/10.1051/shsconf/20219202043
https://doi.org/10.1051/shsconf/20219202043
Miller, D., & Friesen, P. H. (1984). A longitudinal study of the corporate life cycle. Management Science, 30(10), 1161-1183. https://doi.org/10.1287/mnsc.30.10.1161
https://doi.org/10.1287/mnsc.30.10.1161
Moshtagh, F., Abbaszadeh, M. R., Nowghabi, M. H. V., & Nowghabi, M. J. (2014). An Investigation of the Effect of Firm's Life Cycle Stages on Earning Quality: Evidence from Iran. Asian Journal of Research in Banking and Finance, 4(8), 109-122.
Ngo, N.-Q.-N., Ly, U.-N., Truong, Q.-M., & Ha, M.-T. (2022). The impact of firm life cycle on abnormal earnings in financial statement quality: evidence from Vietnam. Journal for Global Business Advancement, 15(6), 686-713. https://doi.org/10.1504/jgba.2023.10057601
https://doi.org/10.1504/JGBA.2023.10057601
Nguyen, H. A., Lien Le, Q., & Anh Vu, T. K. (2021). Ownership structure and earnings management: Empirical evidence from Vietnam. Cogent Business & Management, 8(1), 1908006. https://doi.org/10.1080/23311975.2021.1908006
https://doi.org/10.1080/23311975.2021.1908006
Nguyen, Q., Kim, M. H., & Ali, S. (2024). Corporate governance and earnings management: Evidence from Vietnamese listed firms. International Review of Economics & Finance, 89, 775-801. https://doi.org/10.1016/j.iref.2023.07.084
https://doi.org/10.1016/j.iref.2023.07.084
Pujiati, D., & Nita, R. A. (2022). Determinant of Earnings Quality: IFRS Convergence, Accounting Disclosure and Audit Committee in Indonesia. International Journal of Finance & Banking Studies (2147-4486), 11(1), 177-189. https://doi.org/10.20525/ijfbs.v11i1.1520
https://doi.org/10.20525/ijfbs.v11i1.1520
Putra, A. M., Pagalung, G., & Habbe, A. H. (2018). Level of agency cost driven by cultural and corruption and earnings management: Evidence of South East Asia countries. Intangible Capital, 14(4), 499-517. https://doi.org/10.3926/ic.1289
https://doi.org/10.3926/ic.1289
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